I have an Ozito rotary tool (exclusive to Bunnings I think). Heaps cheaper than the Dremel but the best thing about the Ozito is the warranty. If it does need to be fixed, they have repairers in every major city in Australia as well as a long list of regional towns all over the country.
The Ozito comes with a flexible extension cable and stand which is an expensive optional extra with the other.
I'm pretty sure it goes from 5000rpm up to 35,000 or 40,000rpm.
I use mine mainly for working with gourds, but the times I've used it on metal, it's coped well.
It's worth while buying the fibreglass reinforced cutting discs for use on metal. As was mentioned before, the other types of discs are so fragile, they verge on useless.
My favourite bit is the Dremle mini circular saw, perfect for fretwork and other intricate carving.
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